This proposal is really harmed by the name.
There is a reason none the existing methods use the word "TRACK". Although connecting home can be used for tracking it doesn't have to be.
If a tool uses connecting home for telemetry, implementing "DO_NOT_TRACK" would suggest it does track its users without the setting, even if it may not.
Rename it this to "DO_NOT_CONNECT_HOME" and it may be a useful standard.